Today on the Divorce Collective podcast, Caralee Fontenele answers the question:
If you are going to move in with your partner, should you be getting a prenup? Also, what is a prenup?
To put it simply, if you want to protect your assets in the case that in the future your relationship breaks down – yes, you should consider a prenuptial agreement.
A prenuptial agreement technically is a Binding Financial Agreement (BFA). A BFA can be drafted before, during, or after the relationship.
The Family Law Act provides that a couple is considered de facto once parties have lived together for 24 months or more. De facto is deemed to be the same laws to property rights as married couples. Therefore, you don’t have to be married for your partner to claim your assets, nor have they had to have made any contributions to your assets.
If you have greater assets than your partner, it is important that you seek legal advice about getting a prenuptial agreement (BFA) drafted to protect your assets in the case that your relationship breaks down.
Essentially, a prenuptial agreement is a document that a family lawyer drafts for you, and it contracts you out of the Family Law Act (as stated above.) The other party must obtain independent legal advice for the BFA to be binding.
They are a complex document, however, they can be well worth the effort and investment in case your relationship comes to an end at some point in the future.
If you are interested in discussing a potential Binding Financial Agreement, come in and see one of our family lawyers. We offer a 1-hour free consultation to ensure you understand and gain clarity on your situation. Call us on 5574 0971 to arrange your in-office or Zoom consultation!